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Remuneration of members of the governing bodies of joint stock companies
Zahradníček, Jaroslav ; Černá, Stanislava (advisor) ; Horáček, Tomáš (referee)
1 Abstract Remuneration of members of the governing bodies of joint stock companies The goal of this thesis is to analyze the law regarding remuneration of members of the governing bodies of joint stock companies. The topic is a timely one, since high bonuses were one of the causes of the financial crisis. The thesis primarily devotes its attention to the law contained in the Commercial Code. The amendments to the Act on Business on the Capital Market are also mentioned. The recommendations of the European Commission and Directive of the European Parliament and Council are then subjected to analysis. Basic issues are addressed in the introduction to the thesis. The governing body of a joint stock company is the Board of Directors and deciding on its remuneration falls within the competence of the General Meeting. Frequently members of the Board of Directors also hold concurrent office in the company as employees. The difference between claimable and non-claimable bonuses and fixed and variable bonuses is explained. A member of the Board of Directors is in principle entitled to at least the usual bonus for performing his or her office according to the average use of the mandate contract. If the parties so agree or the law so stipulates, performance of the office is not paid. The actual declaration of the...
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Stock options as a form of executive remuneration in stock corporations
Turek, Jan ; Hurychová, Klára (advisor) ; Černá, Stanislava (referee)
This thesis deals with stock options as a form of executive compensation of a joint stock company. The aim of the thesis was to clarify the reasons that lead companies to decide to reward the executive with stock options, to find out what positive and negative consequences such a decision has, to present the legal regulation of stock options in the legal system of the Czech Republic and Germany and to compare these legal regulations. The most common reasons for rewarding executives with stock options are the desire to align the interests of shareholders and executives, the desire to retain key members of the executive, the desire to reduce risk aversion on the part of the executive, advantageous tax regulation or the desire to maintain high cash flow. Rewarding with stock options can also be used as a tool for the natural selection of executives according to their attitude to risk, which rewarding with stock options provides. If the option agreement does not contain a sufficiently long vesting period, retention period, dividend protection and an exercise price linked to an appropriate market index, the granting of stock options, rather than aligning the interests of shareholders and executives, may lead to a fixation on short-term performance, undue risk- taking or exacerbation of the free cash...
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Construction of a quantum finance model of option premia
Irinkov, Pavel ; Krištoufek, Ladislav (advisor) ; Avdulaj, Krenar (referee)
Last twenty years have seen a tremendous growth of the financial mar- kets both in trading volumes and in sophistication of instruments. This ever-increasing complexity of the market structure necessitates use of math- ematically advanced models from the side of market participants. So far, the prevalent paradigm for these models has been the stochastic analysis as a branch of applied mathematics. In the last few years however, there has been an influx of purely physical concepts and methodology, constituting nascent field of econophysics. To what extent this new approach is useful remains, however, an open question. In my bachelor thesis I will focus on one subfield of econophysics, namely quantum finance. First, I will give an overview of both stochastic analysis and the new quantum finance paradigm. Then using the framework of quantum theory and quantum field theory I will construct a model of European stock options. 1
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Remuneration of members of the governing bodies of joint stock companies
Zahradníček, Jaroslav ; Černá, Stanislava (advisor) ; Horáček, Tomáš (referee)
1 Abstract Remuneration of members of the governing bodies of joint stock companies The goal of this thesis is to analyze the law regarding remuneration of members of the governing bodies of joint stock companies. The topic is a timely one, since high bonuses were one of the causes of the financial crisis. The thesis primarily devotes its attention to the law contained in the Commercial Code. The amendments to the Act on Business on the Capital Market are also mentioned. The recommendations of the European Commission and Directive of the European Parliament and Council are then subjected to analysis. Basic issues are addressed in the introduction to the thesis. The governing body of a joint stock company is the Board of Directors and deciding on its remuneration falls within the competence of the General Meeting. Frequently members of the Board of Directors also hold concurrent office in the company as employees. The difference between claimable and non-claimable bonuses and fixed and variable bonuses is explained. A member of the Board of Directors is in principle entitled to at least the usual bonus for performing his or her office according to the average use of the mandate contract. If the parties so agree or the law so stipulates, performance of the office is not paid. The actual declaration of the...
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